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Comerica Inc CMA

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Raising Our FVE to $73 for Comerica, Lowering Uncertainty Rating as Credit Outlook Brightens

Eric Compton, CFA Senior Equity Analyst

Analyst Note

| Eric Compton, CFA |

We have increased our fair value estimate for Comerica to $73 from $65. We initially did not anticipate a large change to our fair value estimate based on fourth-quarter earnings, but after rolling the model and more fully incorporating our changes, the fair value has risen by 12%. The higher-than-expected increase is largely attributable to lower forecast provisioning (driven by lower forecast net charge-offs), time value of money, and some miscellaneous adjustments.

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Company Profile

Business Description

Comerica is a financial services company headquartered in Dallas. Comerica is primarily focused on relationship-based commercial banking. In addition to Texas, Comerica's other primary geographies are California and Michigan, with locations also found in Arizona and Florida, with select businesses operating in several other states as well as in Canada.

1717 Main Street, Comerica Bank Tower, MC 6404
Dallas, TX, 75201
T +1 214 462-6831
Sector Financial Services
Industry Banks - Regional
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2021
Stock Type High Yield
Employees 7,870